Today's Current Affairs 19th August 2023

NATIONAL

Built in 43 days: India’s first 3D-printed post office inaugurated in Bengaluru

• Bengaluru, often hailed as nation’s tech capital, has welcomed the India’s first 3D-printed post office. Located in Cambridge Layout near Ulsoor, this post office has set a new benchmark for efficiency, sustainability, and design.
• Inaugurating the post office, Ashwini Vaishnaw, the Union Minister for Railways, Communications, Electronics & Information Technology, commended Bengaluru’s innovative spirit. The post office, encompassing an area of 1,021 square feet, was swiftly completed in just 43 days – a remarkable departure from the conventional construction period of around 10 months.
• Employing quick-setting materials and a specially engineered robotic arm extruder, the technique known as contour crafting was utilized to construct the building’s intricate design. This method allowed for precise layering, resulting in a unique and visually captivating structure.

Chairman, Central Water Commission Launches Mobile App

• The Chairman, Central Water Commission (CWC), Shri Kushvinder Vohra, has taken a groundbreaking step towards enhancing flood preparedness and response by unveiling the “FloodWatch” mobile application.
• This revolutionary app is designed to harness the power of mobile phones to disseminate real-time flood-related information and forecasts to the public, up to 7 days in advance. The app, which offers both readable and audio broadcasts, is available in two languages, English and Hindi, making it accessible to a wider audience.
• The core functionality of the “FloodWatch” app revolves around providing real-time flood monitoring. Users can conveniently access up-to-date flood situation reports from across the country. Drawing from near real-time river flow data from various reliable sources, the app empowers users with accurate and current flood-related information.
• One of the key features that set the “FloodWatch” app apart is its flood forecasting capabilities. Users can receive flood fosrecast for their nearest locations, enabling them to stay informed about potential flood threats. The app’s Home Page offers easy access to flood advisories at the station closest to the user, simplifying the process of obtaining crucial information.

G20 Film Festival kicks off in Delhi with Pather Panchali screening

• The first G20 film festival, organized by the Ministry of External Affairs and India International Centre, commenced in Delhi with the screening of the renowned drama film “Pather Panchali” by Satyajit Ray.
• The distinguished veteran actor Victor Banerjee and G20 Sherpa Amitabh Kant graced the festival’s grand opening, symbolizing a significant stride towards nurturing cross-cultural comprehension through the medium of cinema.
• The festival unfolded against the backdrop of the Indian classic, “Pather Panchali“, directed by the visionary Satyajit Ray in 1955. This cinematic masterpiece, celebrated for its emotional depth and timeless relevance, set the stage for a cinematic extravaganza that will span 17 days, culminating on September 3rd. The captivating journey will encompass 15 more exceptional films that have left an indelible mark on the global cinematic landscape.

 SPORTS

AFI chief Adille Sumariwalla elected to World Athletics Executive Board

• Adille Sumariwalla has been elected as one of the four vice presidents of World Athletics, the highest post ever held by an Indian in the global track and field governing body. The 65-year-old Sumariwalla, who is the president of the Athletics Federation of India (AFI), received the third-highest number of votes cast during the WA elections held on Thursday in Budapest, Hungary. He will serve a four-year term.
• In his new role as vice president, Sumariwalla will be responsible for helping to shape the future of athletics at the global level. He will also be involved in decision-making on a range of issues, including the development of the sport, anti-doping, and the World Championships. The other three vice presidents elected were Ximena Restrepo (Colombia), Raul Chapado (Spain), and Jackson Tuwei (Kenya).
• Sumariwalla is a former Olympian who competed in the 100 meters at the 1980 Summer Olympics in Moscow. He has been president of the AFI since 2012 and has been a member of the WA Council since 2015.

 OBITURY

Academician, rights activist Deven Dutta passes away

• Consumer rights activist and former vice-principal of Cotton University, Deven Dutta passed away at the age of 81. Born on April 5, 1944 at Nazira in Sivasagar, Deven Dutta was residing in Guwahati’s Sundarpur area. He completed his post-graduation in English in the year 1965 and started his career as a professor of English at Cotton College. He was also a renowned litterateur and columnist.
• Prof Dutta was a prolific writer and had published several books and articles on a variety of topics, including literature, education, and social issues. He was also a regular columnist in several newspapers and magazines.
• In addition to his academic and literary achievements, Prof Dutta was also a social activist. He was involved in several social organizations and campaigns, including the fight for consumer rights and the protection of the environment.

 APPOINTMENS & RESIGNATIONS

Parminder Chopra takes over as CMD of PFC

• Power Finance Corporation (PFC) has appointed Parminder Chopra as Chairman and Managing Director (CMD); she becomes the first woman to lead India’s largest NBFC. Chopra assumed the top job at the power sector lender with effect from August 14, 2023. She earlier held additional charge as CMD from June 1, and was Director (Finance) from July 1, 2020. She also played a key role in the successful implementation of a Rs 1.12 lakh crore Liquidity Infusion Scheme (LIS) for the power distribution sector, which was rolled out as part of the Atmanirbhar Bharat initiative.
• Chopra has over 35 years of experience in the power and financial sector. At PFC, she has headed key finance functions, including resource mobilisation (domestic and international markets), banking, treasury, asset liability management and stressed asset resolution.
• Her prior experience includes stints in power sector majors such as NHPC and Power Grid Corporation of India.
• Under her leadership, PFC has increased funding to clean energy projects, including funding of electric vehicles, bio-fuels, hybrid renewables like Round The Clock, renewable equipment manufacturing, and recently signed MoUs with clean energy developers worth Rs 2.40 lakh crore, to emerge a principal financier of clean energy projects.

 IMPORTANT DAYS

World Photography Day 2023: 19^th August

• World Photography Day, observed annually on August 19, marks the celebration of photography’s rich history and its role as both an art form and a scientific achievement. This day commemorates the invention of the daguerreotype, an early photographic process developed by Louis Daguerre in 1837, which paved the way for modern photography.
• World Photography Day highlights photography as a legitimate form of art, encouraging photographers to experiment with different techniques, compositions and styles. It encourages people to appreciate the power of photography in telling stories, capturing emotions and preserving memories.
• It is a day to discuss the technical aspects of photography, advancements in equipment and the evolution of photographic techniques when photographers and enthusiasts often share their favourite photos, stories behind the images and insights into their creative process.

 BANKING AND ECONOMY

CRISIL forecasts India’s GDP growth at 6% next fiscal

• Crisil, a prominent rating agency, anticipates India’s gross domestic product (GDP) growth to reach 6% in the fiscal year 2024. This projection is lower than the 7% estimated by the National Statistical Organisation (NSO) for the fiscal year 2023.
• Crisil offers an optimistic medium-term outlook for the Indian economy. The agency foresees the economy maintaining an average growth rate of 6.8% over the next five fiscal years. This projection is driven by factors such as increased capital investment and productivity enhancements.
• The global economic environment is currently clouded by complex geopolitical events and persistently high inflation. As a result, central banks have resorted to sharp interest rate hikes to counter inflationary pressures, leading to a more challenging global landscape.
• Crisil identifies the peak effect of interest rate hikes as a crucial factor for the Indian economy in fiscal year 2024. The agency notes that the cumulative increase of 250 basis points in interest rates since May 2022 has elevated rates above pre-Covid-19 levels. This impact is expected to unfold in the coming fiscal year.

Axis Bank partners with RBI innovation hub to launch KCCs

• In a significant partnership, Axis Bank has joined forces with the Reserve Bank Innovation Hub (RBIH), a subsidiary of the Reserve Bank of India (RBI), to introduce two groundbreaking lending products. These products are powered by the Public Tech Platform for Frictionless Credit (PTPFC), a pioneering initiative launched by RBIH.
• Digital Agricultural Financing: Axis Bank is set to revolutionize agricultural financing by launching the Kisan Credit Card (KCC) through the PTPFC platform.
• Initial Rollout: As a pilot project, the KCC will be initially offered in Madhya Pradesh, catering to the agricultural community in the region.
• Limit and Accessibility: Eligible customers will be able to access KCCs with a credit limit of up to Rs 1.6 lakh, empowering them to invest in their agricultural endeavors.
• Streamlined Application Process: The entire application process for KCC will be conducted digitally, eliminating the need for customers to submit physical documents.

RBI launched UDGAM portal: You can get unclaimed bank deposits with ease now

• The Reserve Bank of India (RBI) has unveiled a groundbreaking solution for individuals seeking their unclaimed deposits. Named the UDGAM (Unclaimed Deposits – Gateway to Access Information) portal, this centralized web platform is designed to simplify the process of locating unclaimed deposits across various banks. Here’s a comprehensive breakdown of the key features and steps involved:
• The RBI’s UDGAM portal serves as a user-friendly tool for individuals to track down their unclaimed deposits seamlessly, consolidating information from multiple banks into a single accessible location. With the growing prevalence of unclaimed deposits, RBI has been proactively promoting awareness campaigns to educate the public about this issue. Through UDGAM, RBI aims to empower citizens to identify their unclaimed deposits and engage with their respective banks to initiate claims.
• The UDGAM portal simplifies the process of identifying and claiming unclaimed deposits by streamlining the steps involved. RBI collaborated with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and select banks to develop this platform.